US Bancorp DE Reduces Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

US Bancorp DE cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,982 shares of the insurance provider’s stock after selling 263 shares during the period. US Bancorp DE’s holdings in RenaissanceRe were worth $1,243,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. APG Asset Management N.V. increased its stake in shares of RenaissanceRe by 31.2% during the 2nd quarter. APG Asset Management N.V. now owns 19,768 shares of the insurance provider’s stock worth $3,090,000 after purchasing an additional 4,700 shares in the last quarter. MML Investors Services LLC purchased a new position in shares of RenaissanceRe during the 2nd quarter worth approximately $204,000. Pictet Asset Management Ltd. increased its stake in shares of RenaissanceRe by 22.6% during the 2nd quarter. Pictet Asset Management Ltd. now owns 17,372 shares of the insurance provider’s stock worth $3,092,000 after purchasing an additional 3,200 shares in the last quarter. Bogle Investment Management L P DE purchased a new position in shares of RenaissanceRe during the 2nd quarter worth approximately $12,712,000. Finally, Meadow Creek Investment Management LLC increased its stake in shares of RenaissanceRe by 24.9% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 9,214 shares of the insurance provider’s stock worth $1,640,000 after purchasing an additional 1,836 shares in the last quarter. 95.07% of the stock is owned by institutional investors and hedge funds.

In related news, CEO Kevin Odonnell sold 28,375 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $182.05, for a total transaction of $5,165,668.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Sean G. Brosnan sold 931 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $183.91, for a total transaction of $171,220.21. Following the sale, the senior vice president now owns 8,779 shares in the company, valued at approximately $1,614,545.89. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.



A number of research analysts have recently weighed in on the stock. ValuEngine cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday, August 30th. Morgan Stanley raised their price objective on shares of RenaissanceRe from $164.00 to $193.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Barclays reissued a “sell” rating on shares of RenaissanceRe in a research note on Tuesday, July 2nd. Deutsche Bank cut shares of RenaissanceRe from a “buy” rating to a “hold” rating and set a $186.00 price objective for the company. in a research note on Monday, July 15th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. raised their price objective on shares of RenaissanceRe from $154.00 to $187.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $167.64.

NYSE RNR traded down $0.26 during mid-day trading on Wednesday, reaching $192.00. 76,298 shares of the stock were exchanged, compared to its average volume of 276,297. RenaissanceRe Holdings Ltd. has a 1-year low of $118.28 and a 1-year high of $194.26. The business’s fifty day simple moving average is $187.19 and its 200 day simple moving average is $171.00. The stock has a market capitalization of $8.41 billion, a PE ratio of 20.94, a PEG ratio of 1.37 and a beta of 0.31. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.54 and a current ratio of 1.54.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, July 23rd. The insurance provider reported $4.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.58 by $1.20. RenaissanceRe had a net margin of 19.47% and a return on equity of 8.87%. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $824.40 million. During the same quarter last year, the business earned $5.23 earnings per share. RenaissanceRe’s revenue was up 69.2% compared to the same quarter last year. On average, analysts anticipate that RenaissanceRe Holdings Ltd. will post 14.59 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.36 dividend on an annualized basis and a yield of 0.71%. RenaissanceRe’s dividend payout ratio (DPR) is currently 14.83%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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